Profit-taking on shorts leads GBP higher in European session, GBP/USD retakes the 1.52 handle.
- The pair bounced-off lows reached at 1.5172 during late Asian session and is seen posting moderate gains
- Sterling boosted by fresh bids versus the US dollar amid low volumes and calmer European session
- Cable is currently trading at 1.5211 with immediate resistance at 1.5242 (Hourly Cloud Base) above which gains could be extended to 1.5280 levels
- On the flip side, support is seen at 1.5150 (Daily Low May 6) below which it could extend losses to 1.5160 (Sept 4 Low) levels
Recommendation: Good to buy dips around 1.5200, SL: 1.5150, TP: 1.5240
Resistance Levels:
R1: 1.5242 (Hourly Cloud Base)
R2: 1.5268 (Hourly Cloud Top)
R3: 1.5279 (Spike High Sept 4)
Support Levels:
S1: 1.5150 (Daily Low May 6)
S2: 1.5088 (61.8% 1.4567 - 1.5930)
S3: 1.5172 (Today's Low)
